Allstate reveals catastrophe loss estimate for October

Allstate reveals catastrophe loss estimate for October | Insurance Business

Allstate reveals catastrophe loss estimate for October

Allstate Corporation has unveiled its estimated catastrophe losses for the month of October 2019, adding that it will change the frequency of its catastrophe loss reports moving forward.

According to the report, Allstate has pegged its catastrophe losses for the previous month to be at $237 million, pre-tax ($187 million, after tax). The insurer noted that catastrophe losses for the month comprised 12 events.

The insurer also revealed that about 60% of the projected catastrophe losses for the month were due to one severe weather event, which primarily affected the state of Texas.

Allstate announced in the same release that beginning this quarter it will announce catastrophe losses every month. This does away with the company’s $150 million reporting threshold and offers increased transparency for shareholders.